The NZD faded spike to a weekly high of 0.6841 after Powell’s testimony to Congress. The NZD/USD is lacking clear bias, could pick up a strong bid if the spot finds acceptance above the July 9 high of 0.6859. Currently, the NZD/USD is trading at 0.6780 – largely unchanged on a 24-hour basis. The spot had rallied to a high of 0.6841 in the Asian session yesterday after the RBNZ’s measure of core inflation printed at a 7-year high. However, the gains were short-lived as the USD found love after Federal Reserve chair Jerome Powell told legislators the central bank will continue to raise interest rates gradually. ‘ Further, global dairy prices dropped for the fourth time in a row at an auction earlier today, likely adding to the bearish pressure around the NZD. Consequently, the pair fell back to 0.6767 in the Asian session today, and hence, is trading listless for the fifth consecutive day. The daily chart below shows the 20-day MA has proved a tough nut to crack this month. So, only a daily close above the 20-day moving average (MA), currently located at 0.68, would allow a sustained rally towards 0.70 (psychological level). Daily chart Spot Rate: 0.6778 Daily High: 0.6786 Daily Low: .6767 Trend: Bullish above 20-day MA Resistance R1: 0.68 (20-day MA) R2: 0.6859 (July 9 high) R3: 0.69 (upper Bollinger Band) Support S1: 0.6767 (Asian session low) S2: 0.6725 (July 13 low) S3: 0.6688 (July 3 low) FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next US treasury yield curve (10s2s) is flattest since 2007 FX Street 5 years The NZD faded spike to a weekly high of 0.6841 after Powell's testimony to Congress. The NZD/USD is lacking clear bias, could pick up a strong bid if the spot finds acceptance above the July 9 high of 0.6859. Currently, the NZD/USD is trading at 0.6780 - largely unchanged on a 24-hour basis. The spot had rallied to a high of 0.6841 in the Asian session yesterday after the RBNZ's measure of core inflation printed at a 7-year high. However, the gains were short-lived as the USD found love after Federal Reserve chair Jerome Powell told legislators the central bank… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
